Can you claim to have a “Master’s Degree” in mortgage lending? I know, there is no such thing (other than the designations through the mortgage associations)! What I’m talking about here is a “self-educated” master’s degree.
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Many loan officers have been in the mortgage business forever (10 years seems to be the norm). Some have been in the business only for a short period of time. They’ve learned by doing—taking licensing courses, intra-company training, etc. But have you “mastered” your job to the best of your ability?
Here are seven master’s courses for you to consider.
1. Mastery of Documents: Have you personally read and can explain every single line on the application and closing documents? This includes the fine print on the 1003, the note and the mortgage. If you don’t understand it, review with your compliance department or a real estate attorney.
2. Mastery of Home Construction: Home inspections are one of the top three reasons why sales agreements fall through. Not only home inspection reports, but repairs required by an appraiser. Can you explain not only what needs to be completed, but why the repairs are required? Contact a home inspector. Ask to tag along on a couple of home inspections and learn what they are looking for.
3. Mastery of Systems: I’m not talking about software here. What I am referring to are internal systems and checklists for you and your staff to follow so nothing gets forgotten and the loan closes on time. So, when you turn in a loan application, you have an menu for what happens next, and next, and next and next.
4. Mastery of Negotiations: Let’s face it. That’s one of the things you do every day and all the time. You negotiate rates, fees, underwriting conditions, closing dates with Realtors. Have you ever taken a course on negotiation? Read a book about it? Loan officers tend to be the people that hold deals together when buyer and seller, listing agent and selling agent start fighting.
5. Mastery of Technology: Do you have a working knowledge of your loan origination system? Have you submitted a couple of files using automated underwriting? If your computer blew up, do you know how to figure a monthly payment on a regular old calculator? Even if you don’t use your tech systems every day, it’s important to know how they work.
6. Mastery of Mortgage Rules: Do you have a resource to keep up to date with the mortgage rules? Not only that, do you know how to apply them to the loan files that you have in process? If your company does not keep you up to date on a regular basis, you may want to check out www.MortgageCurrentcy.com.
7. Mastery of Teamwork: How do you get along with processors, underwriters, title reps, and your manager? What can you do to create a team environment with your office? One suggestion is to read team-building books. You may also find “teamwork coaches” in your community.
